For gold prices, the effects of our long-term cycle lows are still hanging around. We don’t expect to see any meaningful up move in gold until December.
People’s Bank of China added about 29 tons to its gold reserves in August, its 10th consecutive monthly purchase, diversifying China away from the U.S. dollar.
For security above and beyond risk-free we’ve the world’s best currency: Gold! Today’s 1943 level prices it at just 52% of its Dollar debasement valuation.
In the gold market, you're down a little bit this week from the 18-week average. Gold could go either way from this level. It's at a very important crossroads.
The dollar went up five points and metals are under pressure. When the dollar is stronger, it makes gold more expensive worldwide due to currency conversions.
